Sticky Situation: Strength Indicator Says Bears Have Taken Over Bitcoin
Bitcoin is back below $60K, and could be in trouble for the first time since early last year. And while most agree the bull market isn’t over, the short term trend has now been taken over by bears according to one technical indicator. The tool itself measures the strength of both sides of the coin, […]
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Bitcoin bulls are back in charge, so to speak. The headline alone makes quite a statement, and there are no doubt several readers questioning how one might draw such conclusion after only a small move and lack of new highs. The conclusion has been made for us all, depending on what the Average Directional Index is currently saying about an asset – in this case the top cryptocurrency by market cap. Let’s take a look what the trend strength measuring indicator says about Bitcoin price action. Tug-Of-War Ends With Bears Falling Flat Last week, after several weeks of chop and stalemate,....
Bitcoin price is on the rebound, but after such a sharp fall and more than 50% retracement, any reversal must be considered a potential bull trap until much higher prices are reclaimed. Further adding credence to the theory of a potential bull trap, a trend strength indicator very clearly shows that bears are in charge, […]
Bitcoin price is still stuck well below $35,000 but any attempt to push prices below $30,000 are bought up in minutes. Eventually, one side will have to break, and according to a trend indicator, it could be in favor of bulls. The tool, which measures the strength of a trend, suggests that the more dominant […]
Bitcoin price is back at $46,000 after a few month reset back to $30,000 and slightly below. A more than 50% collapse from the current all-time high of $65,000 had the cryptocurrency community calling for a bear market, but according to a trend strength indicator, bears are nowhere in sight. In fact, the tool, called the Average Directional Index suggests that bulls are now back in control over Bitcoin price action on every major timeframe. Bitcoin Ready For Final Push According To ADX Indicator Bitcoin is an unusually bullish asset that has only truly known a secular bull market despite....
Bitcoin has been struggling to find any strong momentum throughout the past few days, with bears rapidly gaining control over its price action This trend has not yet been enough to invalidate the cryptocurrency’s technical strength, but it does seem as though it may strike a blow to its macro uptrend Until BTC can enter […]